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Northern Data has sold its Bitcoin mining business, Peak Mining, to companies linked to senior executives at Tether, according to a report by the Financial Times.
The data centre operator, which is majority owned by Tether, agreed to sell the unit for up to $200 million, the report said.
The buyers were identified as Highland Group Mining, Appalachian Energy and an Alberta-based company.
The companies are reportedly controlled by Tether co-founder and chair Giancarlo Devasini and chief executive Paolo Ardoino.
Financial filings cited by the report show Devasini and Ardoino listed as directors of Highland Group Mining.
The Alberta-based company involved in the transaction is also said to be directed solely by Devasini.
The ownership structure of Delaware-based Appalachian Energy has not been fully disclosed.
Northern Data announced the divestment of Peak Mining in November but did not name the buyers at the time.
German disclosure rules did not require the company to identify counterparties in the transaction.
The sale was completed shortly before video platform Rumble agreed to acquire Northern Data.
Tether holds nearly a 50% stake in Rumble, according to previous disclosures.
The Peak Mining transaction marked the second attempt to sell the unit to a Devasini-linked entity.
An earlier deal announced in August with Elektron Energy valued Peak Mining at $235 million.
That transaction collapsed following whistleblower allegations, the report said.
Northern Data is currently under investigation by European prosecutors over suspected tax fraud.
Authorities reportedly raided the company’s offices in September as part of the probe.
The sale adds to what the Financial Times described as a complex web of financial ties between Northern Data, Tether and related entities.
Tether has also agreed to a $100 million advertising deal with Rumble.
The stablecoin issuer plans to purchase $150 million worth of GPU services from Rumble.
Northern Data currently carries a €610 million loan from Tether.
Under the Rumble acquisition structure, half of that loan will be repaid in Rumble shares.
The remainder will be converted into a new loan from Tether to Rumble secured against Northern Data assets.
Tether continues to expand beyond its core stablecoin business into mining, artificial intelligence and media.
The company remains the dominant issuer in the stablecoin market by circulating supply.
Tether has also explored investments in professional sports teams in recent months.
At the time of reporting, Bitcoin price was $88,866.88.